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Putnam Fires Nine More Employees for Trading Abuses

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Dec. 17, 2003 — Putnam Investments has terminated nine employees for improper trading, bringing the number of people fired at the company to 15 for similar violations.

In a letter to shareholders, Putnam’s chief executive Charles Haldeman noted that none of the nine managed money at Putnam and that the “majority” of improper trading activities took place between 1998 and 2000 and primarily involved international and global funds.

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As reported, the SEC and the Commonwealth of Massachusetts are investigating Putnam for fund trading abuses, including market timing.